Question 4 of 30.

What information do you need to compute basis for gain or loss of property received as a gift?

-The amount the donor paid for the item.

-The adjusted basis on the alternate valuation date.

-The donor's adjusted basis, including gift tax paid, and the fair market value (FMV) on the date of the gift.

-You do not need any information, since gifts are not taxable to the recipient.